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5 tips for Spring Cleaning your Business Finances

Spring is officially here. There are few things more satisfying than an annual Spring clean, and the philosophy of “out with the old and in with the new” can be applied to many areas of life.

If you haven’t done so in previous years, why not adopt a Spring Clean Review of your business finances? Not only will you find that this incentivises you to take a look at your business through fresh eyes, you might even make some savings somewhere along the line….

Here are our top 5 tips for Spring Cleaning your Business Finances.

Review your processes. Are you taking taking advantage of the many online tools that are designed to increase your efficiency. From online accounting packages to mobile apps that help you organise projects and store files smartly on the cloud. At the end of the day in any business, time is money. There are always ways to save time, but sometimes you need to invest in a little of that precious commodity to discover them. Start today, set aside an hour of your working week to review your processes.

Check out your competitors. How is your pricing compared to them? Are you charging a fair price for the product or service you offer? Is it time to adjust your pricing? Sometimes, we forget to review our pricing structure, but it’s really important to do this on a regular basis. A change of season is as good a time as any.

Review your regular outgoings. Some to consider are insurances, power providers, subscriptions, advertising. Assess where you may be able to negotiate a better deal and make some savings. There may even be some subscriptions you’re paying for that you’re no longer using.

Evaluate debt and interest rates. It’s good to shop around for the best rates occasionally. Approach your bank and tell them if you’ve found better deals elsewhere and see if they’ll match it.

Update your budgets, cash flows and forecasts. Make an appointment to talk to us, to find out how we can help with this.